Sanctions

Fresh UK sanctions unleashed against Russian ‘shadow fleet’ of oil tankers

UK government revealed its fresh sanctions targeting 18 Russian oil tankers and four liquefied natural gas vessels to “strike at the heart” of Russian energy revenue.

Published

6 months ago

October 18, 2024

Admin

The UK on Thursday (17 October) unleashed the largest package of sanctions to date against Putin’s shadow fleet of oil tankers.

The Foreign, Commonwealth & Development Office (FCDO) said 18 more shadow fleet ships will be barred from UK ports and unable to access world-leading British maritime services, bringing the total number of oil tankers sanctioned to 43.

“The shadow fleet seeks to undermine sanctions and poses a clear and present danger. Environmental risks, such as oil spills, on our coastlines as a result of its flagrant violation of basic safety standards, but also risks to the security of global trade – the lifeblood of economic growth,” it said in a statement.

At the European Political Community Summit in July, the Prime Minister announced the shadow fleet call to action. Today the US and Canada have joined 44 European countries plus the EU in working together to tackle the risks posed by the shadow fleet.

“The UK’s relentless action against the shadow fleet is putting grit into the system and starving Putin’s war machine of crucial revenues. The oil tankers targeted today have transported an estimated $4.9 billion in the last year alone,” FCDO said.

“A significant number of the ships targeted by the UK to date have been forced to sit idling uselessly outside ports across the world, unable to continue pouring money into Putin’s war chest.”

Alongside action against the shadow fleet, the UK is sanctioning four more LNG tankers and Russian gas company Rusgazdobycha JSC.

“We are continuing to ratchet up pressure on the beleaguered Russian gas industry, with flagship company Gazprom posting a significant net loss of $6.9 billion in 2023 - its first annual loss in more than 20 years,” FCDO added.

Foreign Secretary, David Lammy, said: “We must combat malign Russian activity at every turn, whether illicit tactics to bolster Putin’s war chest, their use of cyber-attacks or barbarism on the front line in Ukraine.

The UK is leading the charge against Putin’s desperate and dangerous attempts to cling on to his energy revenues, with his shadow fleet placing coastlines across Europe and the world in jeopardy.

I have made it my personal mission to constrain the Kremlin, closing the net around Putin and his mafia state using every tool at my disposal.”

This new shadow fleet package comes in the weeks following recent UK actions to sanction both Russian cyber-crime gang Evil Corp, and Russian troops found to be using chemical weapons on the front lines in Ukraine. It represents the latest in a drumbeat of activity, with each package designed to target a distinct aspect of Russia’s malign behavior and reinforce the UK’s commitment to global security and the rule of law.

Note: The full list of 18 Russian oil tankers and 4 liquified natural gas tankers can be found here.

Photo credit: Nick Fewings on Unsplash
Published: 18 October 2024

Related Topics:Business - Events Legal - Sanctions

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Sanctions

US OFAC sanctions first Chinese teapot refinery and oil tankers over Iranian links

Shandong Shouguang Luqing Petrochemical and its chief executive officer were added to OFAC’s sanctions list for purchasing and refining hundreds of millions of dollars’ worth of Iranian crude oil.

Published

4 weeks ago

March 24, 2025

Admin

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Thursday (20 March) sanctioned a “teapot” oil refinery and its chief executive officer for purchasing and refining hundreds of millions of dollars’ worth of Iranian crude oil, including from vessels linked to Ansarallah, commonly known as the Houthis, and the Iranian Ministry of Defense of Armed Forces Logistics (MODAFL).

Shandong Shouguang Luqing Petrochemical Co., Ltd (Luqing Petrochemical), a teapot refinery in Shandong Province, has purchased millions of barrels of Iranian oil worth approximately half a billion dollars.

Luqing Petrochemical received Iranian oil transported by shadow fleet vessels, some of which have been sanctioned for their role transporting Iranian petroleum linked to the Houthis and MODAFL, including the MEHLE (IMO: 9191711) and the KOHANA (IMO: 9254082). In mid-2022, Luqing Petrochemical was identified as a buyer of Iranian oil associated with the Iranian military and Iranian military forces.

Luqing Petrochemical is being designated pursuant to E.O. 13902 for operating in the petroleum sector of the Iranian economy. PRC national Wang Xueqing serves as the chief executive officer and legal representative of Luqing Petrochemical, and is being concurrently designated pursuant to E.O. 13902 for having acted or purported to act for or on behalf of, directly or indirectly, Luqing Petrochemical.

“Teapot refinery purchases of Iranian oil provide the primary economic lifeline for the Iranian regime, the world’s leading state sponsor of terror,” said Secretary of the Treasury Scott Bessent.

“The United States is committed to cutting off the revenue streams that enable Tehran’s continued financing of terrorism and development of its nuclear program.”

OFAC additionally imposed sanctions on 19 entities and vessels responsible for shipping millions of barrels of Iranian oil, comprising part of Iran’s “shadow fleet” of tankers supplying teapot refineries like Luqing Petrochemical.

Iranian crude oil is transported to teapot refineries via a “shadow fleet” of vessels that usually engage in deceptive shipping practices, including automatic identification system (AIS) manipulation.

OFAC sanctioned eight vessels that constitute part of this fleet, including the Comoros-flagged NATALINA 7 (IMO: 9310147), Panama-flagged CATALINA 7 (IMO: 9310159), AURORA RILEY (IMO: 9181649), and VIOLA (IMO: 9254915), San Marino-flagged MONTROSE (IMO: 9281695), Barbados-flagged VOLANS (IMO: 9422988) and BRAVA LAKE (IMO: 9232876), and the currently unflagged TITAN (IMO: 9293741).

Photo credit: tommao wang on Unsplash
Published: 24 March, 2025

Business

Lloyd’s List Intelligence acquires Infospectrum to drive maritime risk intelligence solutions

Combined business will enable LLI to build solutions that deliver actionable insights and help maritime customers successfully navigate key use cases associated with compliance, risk management and operations.

Published

3 months ago

January 14, 2025

Admin

Lloyd’s List Intelligence acquires Infospectrum to drive maritime risk intelligence solutions

Maritime data, insights and analytics provider Lloyd’s List Intelligence (LLI) on Tuesday (14 January) announced the acquisition of Infospectrum, an independent provider of counterparty risk appraisal reports & data, due diligence research and KYC intelligence.

The acquisition expands LLI’s ability to deliver analysis and risk management intelligence solutions.

The integration of Infospectrum’s comprehensive counterparty risk appraisal, due diligence and KYC intelligence capabilities and data, will enable the combined business to provide customers with more accurate, reliable, and timely risk based decision-making solutions.

With the maritime sector facing increasing complexity from global sanctions, compliance, safety, geo-political and legal considerations, the combination will enable LLI to build solutions that deliver actionable insights and help customers successfully navigate key use cases associated with compliance, risk management and operations.

“The acquisition of Infospectrum is an important milestone for Lloyd’s List Intelligence,” said Michael Dell, CEO, Lloyd’s List Intelligence.

“This acquisition is a significant step forward in our mission to provide the most comprehensive and insightful risk intelligence solutions that support the global maritime industry. By combining our respective strengths, we will deliver stronger capabilities to our customers and enhance our ability to act as a provider of mission critical data, insights and analytics for the maritime sector as a whole.”

“We are excited to join forces with Lloyd’s List Intelligence,” said Panos Panousis, Managing Director, Infospectrum.

“This combination will unlock significant opportunities for both companies and provide the maritime ecosystem with access to a broader range of data, analytics, and intelligence. We are confident that together we will accelerate innovation and deliver exceptional solutions to the maritime industry.”

Photo credit: Lloyd’s List Intelligence
Published: 14 January, 2025

Sanctions

US sanctions two major Russian oil producers in latest crackdown

US OFAC imposed sanctions against Gazprom Neft and Surgutneftegas as well as over 180 vessels that have shipped Russian oil; Gazpromneft Marine Bunker also mentioned.

Published

3 months ago

January 13, 2025

Admin

The US Treasury Department’s Office of Foreign Assets Control (OFAC) imposed sanctions against two of Russia’s most significant oil producers and exporters, Gazprom Neft and Surgutneftegas.

The actions are underpinned by the issuance of a new determination that authorises sanctions pursuant to Executive Order (E.O.) 14024 against persons operating or having operated in the energy sector of the Russian Federation economy.

Gazprom Neft is a Russia-based, vertically integrated oil company whose core activities include the exploration, production, and sale of oil while Surgutneftegas is a Russia-based, vertically integrated oil company whose core activities include the exploration, production, and sale of oil.

Alongside Gazprom Neft and Surgutneftegas, OFAC is designating more than two dozen Gazprom Neft and Surgutneftegas subsidiaries.

All entities owned 50 percent or more, directly or indirectly, by Gazprom Neft, Surgutneftegas, or their subsidiaries listed, are also subject to blocking, even if not identified by OFAC.

OFAC also imposed sanctions on over 180 vessels that have shipped Russian oil.

“Today’s actions also impose sanctions on an unprecedented number of oil-carrying vessels, many of which are part of the “shadow fleet,” opaque traders of Russian oil, Russia-based oilfield service providers, and Russian energy officials,” it said.

“Today’s actions are underpinned by the issuance of a new determination that authorizes sanctions pursuant to Executive Order (E.O.) 14024 against persons operating or having operated in the energy sector of the Russian Federation economy. These actions substantially increase the sanctions risks associated with the Russian oil trade.”

Russia-based fleet and bunker operator Gazpromneft Marine Bunker Limited Liability Company (Gazpromneft Marine Bunker), a Gazprom Neft subsidiary, is involved in the delivery of bunker fuel for vessels.

OFAC also said Gazpromneft Marine Bunker is being designated pursuant to E.O. 14024 for operating or having operated in the energy sector of the Russian Federation economy and pursuant to E.O. 13662 for operating in the energy sector of the Russian Federation economy.

OFAC is also identifying the following vessels, all of which Gazpromneft Marine Bunker operates, pursuant to E.O. 14024 and E.O. 13662 as property in which Gazpromneft Marine Bunker has an interest: